Cairo - Mubasher: The Egyptian Financial Supervisory Authority (EFSA) announced on Monday that the new financial leasing and factoring draft law will be subject to a society discussion with specialists, as well as financial institutions and business firms.

The new law comes 20 years after issuing the first financial leasing law in Egypt, according to Sherif Samy, chairman of EFSA.

This comes in line with the growing leasing practices in the Egyptian market, as well as the international standards which will be taking into account in creating new corporate governance, solvency and disclosure rules, he explained.

According to Samy, the new law will oblige leasing and factoring companies to be joint-stock companies, with a starting capital of not less than EGP 10 million.